Leading cryptocurrency Bitcoin has reached an all-time high. The overall cryptocurrency market, led by Bitcoin, is also trading predominantly in the green zone. Market consensus mostly suggests that the bull run will continue through 2024. In this process, many assets are likely to potentially double their capital. Crypto expert Justinas Baltrusaitis shares 3 tokens that are likely to experience a 5x increase in market value in 2024.
The first cryptocurrency: Polkadot (DOT)
Polkadot is known for its ‘sharding’ technology that overcomes the scalability issues that plague established blockchains like Ethereum (ETH). This enables faster transactions and the creation of application-specific Blockchains. Thus, it promotes a more diverse and productive ecosystem. Currently, DOT is targeting the $15 level after rising over 35% in the last 30 days. At the same time, the token controls a market cap of $13.53 billion.
Indeed, DOT has the potential for an increase in market value due to factors such as the ongoing bull run in the landscape, network development, and institutional interest. For example, data from CoinShares shows that DOT has experienced higher inflows than its rivals since the beginning of the year. In this context, it reveals that it surpasses major cryptocurrencies such as XRP. This shows that institutions have recognized the potential in assets like DOT that investors have overlooked.
Additionally, according to Token Terminal, Polkadot is undervalued based on its price-to-sales (P/S) ratio. Polkadot’s low P/S ratio indicates potential undervaluation compared to historical averages, indicating upside potential in the future.
Chainlink (LINK) comes in second place
Chainlink (LINK) operates as a decentralized oracle network that facilitates secure and reliable data flows for smart contracts. This feature allows smart contracts to interact with real-world data. Thus, it unlocks a multitude of possibilities in areas such as DeFi and supply chain management. Given this fundamental, LINK has the potential to see a fivefold increase in market cap.
In particular, Chainlink’s data oracles give the asset the potential to attract significant attention. For example, BlackRock Inc., the world’s largest investment management firm. He acknowledged that tokenization is a significant asset to the market. This suggests that data oracles that can process off-chain information from the on-chain domain can benefit from this perceived value. Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) revenue has increased by 180% in the last two months due to increasing adoption of the multi-chain bridging platform. Fee income for CCIP totaled approximately $61,000 in January. However, it rose to over $171,000 in just the first two weeks of March.
Expanding the company fivefold would increase its value to approximately $60 million. This sentiment is supported by the increasing adoption of Chainlink, as highlighted by CCIP revenue. Currently LINK is changing hands at $19.30. Moreover, the token is targeting the $20 resistance zone.
The last cryptocurrency: Solana (SOL)
Solana continues to rise as one of the best performing cryptocurrencies. In this journey, he aims to reach an all-time high. Marketed as a faster and cheaper alternative to Ethereum, Blockchain began gaining traction in November last year driven by several factors: developers appreciated its speed and cost-efficiency, leading brands such as Visa expressed interest in Blockchain, and investors of meme coins launched on the platform He was impressed by new projects such as Bonk (BONK).
Solana is trading below its previous all-time high of around $260. SOL has seen its market cap rise to almost $90 billion amid the current rally. Additionally, Solana is increasing interest with its Saga smartphone. Therefore, it looks poised for a sustained rally that could push its market value to around $450 billion by 2024. At the time of writing, the token was trading at $196 with a 24-hour gain of over 15%.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research (DYOR) before investing.
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